Forex Technical Analysis: Trend potential – Wait for a correction to 1.1713-1.1665

EURUSD – Up

Wait for a correction to 1.1713-1.1665

Technical observation

After breaking down below a support zone recently, EUR/USD is racing down towards a support line 1.1393,I don t expect it to reach the line but I expect a rejection of it from the line for a possible retracement to 1.1713-1.1665 and a rejection of it within the zone for bearish movement of price towards 1.1393 and a possible breakout below 1.1393 for a further decline in price towards 1.1110.My advice, wait for a correction to 1.1713-1.1665 then short the pair within the zone with your take profit at 1.1393 and stop loss around 1.1827.Only short positions can be recommended oi the daily chart above.

Technical levels

Resistance levels

R1.1.1707

R2.1.1765

R3.1.1853

Pivot

1.1678

Support levels

S1.1.1619

S2.1.1588

S3.1.15

Trade signal

Wait for a correction to 1.1713-1.1665 to short EUR with your take profit at 1.1393 and stop loss around 1.1827.

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